(MENAFN - Muscat Daily) Meethaq, the Islamic banking wing of Bank Muscat, hosted a business forum highlighting the investment opportunities for zakat funds and inheritance wealth. The forum was addressed by prominent Sharia'a experts and businessmen, who discussed the utilisation of zakat funds and inheritance wealth through innovative Islamic banking products and services.
Sulaiman al Harthy, group general manager - Islamic banking, said, ''Meethaq is proud to host this business forum as part of initiatives reflecting the bank's commitment to responsible banking, aimed at contributing to the country's development.''
''Islamic banking offers investment facilities for zakat funds and inheritance wealth in a manner consistent with the principles of Sharia'a law, serving the interests of community and business,'' he said, according to a press release on Tuesday.
''The entry of Islamic banking in the sultanate has contributed significanty to the growth and development of the banking sector and initial indicators confirm that innovative products and services are required to meet the needs of the public, such as the utilisation of zakat funds and inheritance wealth, in compliance with Sharia'a laws,'' said Harthy.
Presentations were made by Sheikh Khalfan bin Mohammed al Esri, co-founder of Prosper and Management Consulting, and Dr Saleh Nasser al Qasmi, director-general of Awqaf and Bait al Mal at the Ministry of Awqaf and Religious Affairs.
Meethaq strives to fulfil the needs of customers with innovative Sharia'a-based products and is well-positioned to provide Islamic financial expertise to diverse segments and thereby promote the good of society as a whole, the release said.
According to the release, Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model that protects customers and complements the Islamic banking industry